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INVESTMENT BORROWINGS
 3 Months Ended
Mar. 31, 2026
Investment Borrowings [Abstract]  
INVESTMENT BORROWINGS INVESTMENT BORROWINGS
Three of the Company's insurance subsidiaries (Bankers Life, Washington National Insurance Company ("Washington National") and Colonial Penn Life Insurance Company ("Colonial Penn")) are members of the FHLB.  As members of the FHLB, our insurance subsidiaries have the ability to borrow from the FHLB on a collateralized basis. As of March 31, 2026, collateralized borrowings from the FHLB totaled $2.7 billion and are classified as investment borrowings in the accompanying consolidated balance sheet.  The borrowings are collateralized by investments with an estimated fair value of $3.4 billion at March 31, 2026, which are maintained in a custodial account for the benefit of the FHLB.  Substantially all of such investments are classified as fixed maturities, available for sale, in our consolidated balance sheet. The proceeds from these borrowings were used to purchase matched variable rate fixed maturity securities with similar durations.

We are required to hold certain minimum amounts of FHLB common stock as a condition of membership in the FHLB, and additional amounts based on the amount of the borrowings. At March 31, 2026, the carrying value of the FHLB common stock was $117.2 million.
The following summarizes the terms of the borrowings from the FHLB by our insurance subsidiaries (dollars in millions):
Amount
MaturityInterest rate at
borroweddateMarch 31, 2026
$5.0 May 2026
Variable rate - 4.056%
21.8 May 2026
Variable rate - 4.052%
50.0 May 2026
Variable rate - 3.900%
10.0 November 2026
Variable rate - 4.104%
75.0 December 2026
Variable rate - 4.097%
75.0 January 2027
Variable rate - 3.982%
50.0 January 2027
Variable rate - 4.058%
50.0 January 2027
Variable rate - 4.174%
100.0 February 2027
Variable rate - 4.128%
50.0 April 2027
Variable rate - 4.013%
50.0 May 2027
Variable rate - 4.023%
100.0 June 2027
Variable rate - 4.000%
10.0 June 2027
Variable rate - 4.223%
15.5 July 2027
Variable rate - 4.187%
50.0 July 2027
Variable rate - 4.383%
12.5 September 2027
Variable rate - 4.156%
57.7 November 2027
Variable rate - 4.183%
100.0 December 2027
Variable rate - 4.172%
100.0 December 2027
Variable rate - 4.168%
50.0 December 2027
Variable rate - 4.197%
75.0 January 2028
Variable rate - 4.151%
134.5 January 2028
Variable rate - 4.141%
50.0 January 2028
Variable rate - 4.098%
50.0 January 2028
Variable rate - 4.212%
100.0 January 2028
Variable rate - 4.095%
100.0 February 2028
Variable rate - 4.148%
21.0 February 2028
Variable rate - 4.132%
22.0 February 2028
Variable rate - 4.141%
100.0 February 2028
Variable rate - 4.148%
27.0 July 2028
Variable rate - 4.217%
15.0 July 2028
Variable rate - 4.010%
35.0 August 2028
Variable rate - 4.020%
12.5 September 2028
Variable rate - 4.252%
42.2 May 2029
Variable rate - 4.311%
50.0 August 2029
Variable rate - 4.307%
50.0 April 2030
Variable rate - 4.305%
50.0 May 2030
Variable rate - 4.333%
50.0 May 2030
Variable rate- 4.268%
100.0 May 2030
Variable rate - 4.281%
125.0 September 2030
Variable rate - 4.130%
50.0 January 2031
Variable rate - 4.127%
50.0 January 2031
Variable rate - 4.222%
100.0 January 2031
Variable rate - 4.171%
150.0 February 2031
Variable rate - 4.219%
100.0 February 2031
Variable rate - 4.264%
$2,691.7   

Generally, these borrowings are pre-payable.  At March 31, 2026, the aggregate prepayment penalty on such outstanding borrowings was not material.

Interest expense of $25.9 million and $26.0 million during the three months ended March 31, 2026 and 2025, respectively, was recognized related to total borrowings from the FHLB, reflecting lower interest rates on the variable rate investment borrowings partially offset by higher average investment borrowings during the three months ended March 31, 2026.